Are downtown Austin apartments really cheap yet?
Well – maybe.
This pretty thorough article discusses the ins and outs of several apartments/condos downtown. I’d encourage you to read it but here is a quick summary.
While Austin hasn’t felt the crunch like many areas, the downtown apartments aren’t getting the rents or the occupancy rates they were hoping for. Many places are offering concessions that brings a the prices down 100’s of dollars a month.
You still take a bit of a gamble when you buy on concessions. Its much better to actually get a lower rent because you are very unlikely to get the concession if you renew your lease.
Depending on how long you think the recession is going to last, this is probably as good as you can hope to getting a place downtown. You have as much leverage as you can get. Don’t be afraid to tell them you want to think about it or ask about more stuff and lower rent.
Read it all here.
And you can always get the most recent prices for apartments in downtown here